Gold and silver prices may remain volatile in 2026, but their medium- to long-term outlook remains positive. A Motilal Oswal Financial Services report said recent price corrections could offer investors opportunities to accumulate precious metals.
Unlike the steady rally in 2025, precious metals have seen sharper price swings this year. Changing expectations around US interest rates, persistent inflation, high bond yields and geopolitical developments have driven the volatility.
Navneet Damani, Head of Research – Commodities at Motilal Oswal Financial Services, said gold’s near-term movement would depend on US Federal Reserve policies, inflation, the dollar and real bond yields. However, central-bank diversification, investment demand and fiscal uncertainty continue to support prices.
The report recommended a buy-on-dips strategy. It identified an international accumulation range of $3,800-$3,900 per ounce. It set a short-term target of $4,200 and a medium-term target of $4,500-$4,700.
In India, it suggested accumulating gold at Rs 1,35,000 per 10 grams, with targets of Rs 1,48,000 and Rs 1,60,000-Rs 1,68,000.
Investment demand remained strong despite high prices. Global gold ETF holdings rose by around 187 tonnes in August and September 2026, reaching a record 4,256 tonnes.
Third-quarter inflows hit $31 billion. India’s gold ETF inflows increased 71 per cent month-on-month to Rs 44.5 billion in September. Silver ETFs attracted Rs 19.7 billion.
Gold touched nearly $5,600 per ounce in January before falling below $4,000 and recovering. Silver crossed $100 before facing a sharper correction.
The report noted that Diwali, Dhanteras and the wedding season continue to support domestic precious-metal demand.
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